I had this problem a month or two ago, but ended up just forgetting
about it.  I updated my pkgsrc just now and tried again, still the same
problem.  This is on 1.6.1.

First sign of trouble is:

---------------------------------------
libtool: link: warning:
`/usr/Pkgsrc/graphics/php4-gd/work/.buildlink/lib/libpng.la' seems to be
moved
libtool: link: warning:
`/usr/Pkgsrc/graphics/php4-gd/work/.buildlink/lib/libjpeg.la' seems to
be moved
libtool: link: warning:
`/usr/Pkgsrc/graphics/php4-gd/work/.buildlink/lib/libttf.la' seems to be
moved

*** Warning: This library needs some functionality provided by -lX11.
*** I have the capability to make that library automatically link in
when
*** you link to this library.  But I can only do this if you have a
*** shared version of the library, which you do not appear to have.

*** Warning: This library needs some functionality provided by -lXpm.
*** I have the capability to make that library automatically link in
when
*** you link to this library.  But I can only do this if you have a
*** shared version of the library, which you do not appear to have.

*** Warning: libtool could not satisfy all declared inter-library
*** dependencies of module gd.  Therefore, libtool will create
*** a static module, that should work as long as the dlopening
*** application is linked with the -dlopen flag.
---------------------------------------

and then..

---------------------------------------
===> Installing for php-gd-4.2.3
install -d -o root -g wheel -m 555 /usr/pkg/lib/php/20020429
install -c -o root -g wheel -m 444
/usr/Pkgsrc/graphics/php4-gd/work/php-4.2.3/ext/gd/modules/gd.so
/usr/pkg/lib/php/20020429
install:
/usr/Pkgsrc/graphics/php4-gd/work/php-4.2.3/ext/gd/modules/gd.so: stat:
No such file or directory
*** Error code 1

Stop.
make: stopped in /usr/Pkgsrc/graphics/php4-gd
*** Error code 1

Stop.
make: stopped in /usr/Pkgsrc/graphics/php4-gd
*** Error code 1

Stop.
make: stopped in /usr/Pkgsrc/graphics/php4-gd
*** Error code 1

Stop.
make: stopped in /usr/Pkgsrc/graphics/php4-gd
---------------------------------------

IIRC I have all X sets installed except for clients and server.

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